Quick Tips on Closing the Year in Dynamics SL
Posted by Steve Martin on January 2, 2018
Happy New Years 2018, fellow SL users!
We have had several clients contacting us about Year End updates, specifically Closing 1099 year and Payroll tax updates.
AP – No Year End Updates
AP users: Reminder on how to close 1099 year.
- Verify ‘current 1099 year’ is 2016
- If ‘Current 1099 year’ is already 2017, then Stop. You are done.
- Change ‘Process Option’ drop down menu to read Purge Oldest Year.
- Click Begin Processing. Done.
- If you have take then steps correctly, this is how it should look when you are done.
Payroll Year End Updates – You will need to install these, contact us for the download and assistance
Payroll tax updates are not yet available.
The tax update is only for states for now. The IRS has issues that since the new tax withholding table with the new rates isn’t available until February, they want to have us use the existing 2017 tables. As of December 26th 2017, they were still working to develop withholding guidance. https://www.irs.gov/newsroom/irs-statement-withholding-for-2018